Sunrise Realty Trust, Inc. (NASDAQ:SUNS) Chairman Buys $212,553.00 in Stock

Key Points

• Sunrise Realty Trust Chairman Leonard M. Tannenbaum purchased 20,900 shares of stock for a total value of $212,553, increasing his ownership to 2,845,934 shares.
• The company recently announced a quarterly dividend of $0.30 per share, which reflects an annualized yield of 11.1% despite a payout ratio of 115.38%.
• Several brokerages have maintained a positive outlook on SUNS, with an average target price of $13.19, and ratings ranging from hold to strong buy.

Sunrise Realty Trust, Inc. (NASDAQ:SUNS - Get Free Report) Chairman Leonard M. Tannenbaum bought 20,900 shares of the business's stock in a transaction that occurred on Monday, August 11th. The stock was bought at an average price of $10.17 per share, with a total value of $212,553.00. Following the completion of the transaction, the chairman directly owned 2,845,934 shares of the company's stock, valued at $28,943,148.78. This represents a 0.74% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Sunrise Realty Trust Price Performance

NASDAQ SUNS traded up $0.15 during trading on Wednesday, hitting $10.78. 52,281 shares of the company's stock traded hands, compared to its average volume of 61,088. The firm has a market cap of $144.67 million and a P/E ratio of 9.41. The stock has a fifty day moving average of $10.69 and a two-hundred day moving average of $10.76. Sunrise Realty Trust, Inc. has a 12-month low of $7.80 and a 12-month high of $15.74.

Sunrise Realty Trust Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 11.1%. The ex-dividend date was Monday, June 30th. Sunrise Realty Trust's dividend payout ratio (DPR) is presently 115.38%.

Analyst Ratings Changes

Several brokerages recently issued reports on SUNS. Keefe, Bruyette & Woods cut their target price on shares of Sunrise Realty Trust from $11.50 to $11.25 and set an "outperform" rating for the company in a research report on Wednesday. Oppenheimer began coverage on shares of Sunrise Realty Trust in a research report on Thursday, April 17th. They issued an "outperform" rating and a $12.00 target price for the company. One investment analyst has rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $13.19.

Hedge Funds Weigh In On Sunrise Realty Trust

Several institutional investors and hedge funds have recently bought and sold shares of SUNS. Rhumbline Advisers boosted its holdings in shares of Sunrise Realty Trust by 22.5% during the first quarter. Rhumbline Advisers now owns 9,780 shares of the company's stock worth $108,000 after purchasing an additional 1,794 shares during the period. Castalian Partners LLC purchased a new stake in shares of Sunrise Realty Trust during the fourth quarter worth about $2,709,000. Pacific Ridge Capital Partners LLC purchased a new stake in shares of Sunrise Realty Trust during the first quarter worth about $2,142,000. Marshall Wace LLP purchased a new stake in shares of Sunrise Realty Trust during the fourth quarter worth about $475,000. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Sunrise Realty Trust by 31.0% during the first quarter. Bank of New York Mellon Corp now owns 27,609 shares of the company's stock worth $306,000 after purchasing an additional 6,538 shares during the period.

About Sunrise Realty Trust

Sunrise Realty Trust, Inc engages in commercial real estate (CRE) lending business. It focuses on originating CRE debt investments and providing capital to borrowers and sponsors with transitional business plans collateralized by CRE assets. The company intends to create a diversified investment portfolio, targeting investments in senior mortgage loans, mezzanine loans, whole loans, B-notes, CMBS, and debt-like preferred equity securities across CRE asset classes.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.